Analysts expected payrolls to rise by 15,000 with unemployment holding at 10%, yet there was a loss of 20,000 jobs nd the rate fell to 9.7%.
The U.S. economy lost 20,000 jobs in January, the Labor Departmentsaid Friday, defying expectations for a slim gain. But the jobless rateunexpectedly fell to 9.7% from 10% in December.
Wall Street expected nonfarm payrolls to rise by 15,000 with unemployment holding at 10%.
Stocks opened up, sold off, then staged a big rally late to end higher. The Dow rose 0.1%, the S&P 500 0.3% and the Nasdaq 0.7%.
Someone is fudging numbers. You do the math.
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